It’s no secret that digital transformation continues to impact every aspect of enterprise business operations, and records management is not exempt. Looking ahead, what are the challenges facing records managers over the next one to three years?
Challenge #1: The Volume of Information
Here are some mind-blowing statistics: humanity generates 2.5 quintillion bytes of data every day— that’s a 2.5, followed by 18 zeros. As we kick off 2020, there are approximately 40 trillion gigabytes bouncing around our PCs, servers, and the cloud. And that volume is only growing larger.
The amount of content we are creating has grown so massive that managing it has grown equally as challenging. Data holds tremendous intrinsic value, but unless it can be properly analyzed, understood, and acted upon, it’s an inert force.
In the era of digital transformation, data management has assumed a growing role in records management. As the types of records needing management have increased, so has the volume of information that needs oversight. The inability to bring structure to that ever-growing mountain of data can decrease efficiency while increasing costs and exposing the enterprise to noncompliance and risk.
Challenge #2: Records Are Everywhere
About 10 or 20 years ago, records were electronic and physical documents, largely sourced from “on-premises” document management systems, file shares, and physical locations. Because the definition of what a “record” is has changed, this approach to records management is increasingly outdated.
One of the main contributors to this change is the proliferation of cloud-based solutions that have introduced powerful new capabilities into organizations—but along with these benefits come new software, new formats, and new data sources. This means that the old rules and tools for records management no longer apply. Instead, enterprises need to approach records management from the position that everything is a record, and records are everywhere.
Challenge #3: International and Local Compliance
The increasing complexity around compliance requirements is also posing a big challenge for information management. The internet has transformed every business into potentially globe-spanning enterprises—from mom-and-pop corner stores to enterprise companies. In addition to complying with local laws and regulations, organizations need to be aware of and comply with international laws and regulations. This means adopting more complex record-keeping and information-sharing processes.
What is the Solution?
Increasing information volume, the diversity of content sources, increasingly complex compliance expectations—these are challenging conditions for records management. There’s simply too much information for a records manager—or even an army of records managers—to process and manage an organization’s data at scale through its life cycle. So, what kind of tools can help you accomplish this?
Automation is a key factor in setting up businesses for success in the new world of records management. At RecordPoint, we create automated processes and train AI-driven applications that bring structure to your data—no matter where it resides.
Our solution features a transparent layer of intelligence that connects your data, content, and platforms for complete security and compliance, and seamless management. This helps you reduce risk, drive collaboration, and boost efficiencies.
Ready to take a deeper dive into records and content management in 2020? Let’s keep the conversation going. Tell us what your most pressing challenges are now and in the coming year. We’re here to help.